Turkish steelmaker Kardemir opened its domestic rebar sales earlier today, June 25, at TRY 26,675/mt ($574/mt), excluding VAT, down by TRY 200/mt while falling by $9/mt on US dollar basis as compared to June 10, amid sluggish demand, the ongoing currency fluctuations and weak import scrap prices. It closed its sales within two hours after selling around 20,500 mt with its favorable payment terms.
Kardemir sold its rebar at the exchange rate announced by Turkey’s Central Bank yesterday at $1 = TRY 46.49.
The overall workable rebar prices in Turkey have settled at $568-590/mt ex-works for cash payment, so the mill's rebar price was close to the lower end of the domestic rebar price range.
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